At its recent meeting on September 25th, the Board of Revenue Estimates approved revised revenue projections for Fiscal Year 2026 and our initial forecast for Fiscal Year 2027. Our revenues have been holding steady this year, but of course, we are keeping our eye on recent federal policy changes that have introduced new challenges - including the shutdown.

As Comptroller, I remain focused on protecting Maryland’s fiscal health and ensuring workers, families, and businesses have the information they need to navigate this period of change.

Here are a few key findings from the latest Board of Revenue Estimates meeting:

Maryland revenue projections for Fiscal Year 2026 are now $26.7 billion, a 3.7% increase from actual revenue in Fiscal Year 2025

We expect the OBBBA tax law changes to result in a decrease in Maryland revenues by $117.9 million in Fiscal Year 2026 and $71.4 million in Fiscal Year 2027

Approximately 15,000 federal jobs have been lost in Maryland since January 2025

Rising costs from inflation, labor force reductions, and tariffs continue to put pressure on Marylanders and our businesses

The Board of Revenue’s estimates were made before the federal government shutdown. We won’t know the full extent of the impact on Maryland’s budget until the shutdown ends. For now, I am so grateful to our federal workers and encourage everyone to check in on friends and neighbors who work for our federal government during this challenging time!

I’m focused on making sure Maryland’s revenues are stable and that we continue to invest in and advocate for the families that make this state strong. That’s why I’ve taken immediate action and joined Governor Moore and other members of Team Maryland to discuss the potential impacts of this shutdown on our state and ways to support impacted workers.

You can visit marylandcomptroller.gov/individuals/shutdown in the days ahead to access more information and resources we’re activating to support anyone affected.

Thank you for your continued engagement and support.

My best,

(She, Her, Hers)

Brooke Lierman is Maryland’s first female Comptroller and the first woman independently elected to statewide state office. Support Brooke as she works to make a better Maryland for all of us by ensuring that the Comptroller's office is building a more equitable, resilient, and prosperous state.

CONTRIBUTE

Authorized by Brooke Lierman for Maryland; Chairman, Erek Barron; Treasurer, Candace Dodson-Reed.

CONTRIBUTE TODAY

Emails are crucial for communicating with trusted members of our team. If you received this email by mistake or would like to stop receiving email communications from us, unsubscribe

This message was sent to [email protected]